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30 transaction with journal entries,ledger,trial balance and financial statement |
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Answer» Following are the transactions for the period April 20×1 to March 20×2 in the books of Michael Traders1-Apr\tMichael started business with cash 600,000, cash at Bank of America 700,000, furniture 200,000.1-Apr\tPurchased Plant & Machinery worth 250,000 by cheque.25-Apr\tPurchased goods from ABC Ltd worth 800,000 @10% trade discount.5-May\tCash Sales 1,000,000 @5% trade discount to XYZ Traders15-May\tDeposited cash with Bank of America 500,000.5-Jun\tPaid ABC Ltd 300,000 in cash.10-Jun\tReceived commission 75,000 by cheque.25-Jun\tCash Purchases 250,000.5-Jul\tSold goods to XYZ Traders 475,000.15-Jul\tReceived 275,000 by cheque from XYZ Traders.5-Aug\tLoan taken from Bank of America 200,00025-Aug\tPurchased goods from ABC Ltd 50,000.27-Aug\tWithdrew cash from bank 10,000.5-Sep\tReceived commission 55,000 in cash.10-Sep\tPaid ABC Ltd 70,000 by cheque.20-Sep\tReceived 90,000 in cash from XYZ Traders.1-Oct\tBank loan repaid 50,000.25-Oct\tCash Purchases 25,000.5-Nov\tSold goods to XYZ Traders 47,000.15-Nov\tWithdrew cash from bank 15,000.5-Dec\tReceived interest from bank 5,000.25-Dec\tPurchased goods from ABC Ltd 75,000.5-Jan\tCash Sales 100,000.15-Jan\tDeposited cash with Bank of America 35,000.25-Feb\tCash Purchases 450,000.28-Feb\tOffice was taken on rent in the month of Feb. Office rent paid in cash 50,000.28-Feb\tEmployees were hired in the month of Feb. Paid salary by cheque 30,000 & cash 30,000 for the month of Feb 20×2.5-Mar\tSold goods to XYZ Traders 675,000.31-Mar\tPaid office rent by cheque 50,000.31-Mar\tPaid salary in cash 30,000 for the month of March 20×2. journal hi 30 journal entery with ledger and trial balabce |
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